Transactions with complex calculations

• Examples
• Calculation Agent
• Adviser / Independent Expert

Examples

• ConvEx has significant experience performing complex calculations in capital markets instruments and derivatives, such as
  • Payoffs linked to profitability, share price performance, commodity prices, or indices
  • Non-standard interest accruals
  • Interest rate step-ups/step-downs
• More detail on our work for employee compensation plans can be found here

Calculation Agent

• When ConvEx is named as Calculation Agent in the terms and conditions of the instrument, issuers benefit from our experience in ensuring their documentation avoids known problems, and we are also responsible for performing the calculations when needed
• Being named up-front allows us to provide this service proactively and at a much lower cost than appointing an Independent Expert or adviser after problems have already arisen

Adviser / Independent Expert

• In the event of a dispute or uncertainty as to a calculation, ConvEx can provide advice or independent expert support
• Our extensive capital markets experience and knowledge of securities documentation allows us to consider the formulaic provisions, but also to put them into a market context to assist in clarifying the original intent to arrive at a fair solution
• Where needed we can provide written opinions for the issuer’s reliance